IBJA Gold to set up 100 stores in 3 years

(Photo: Getty Images)MUMBAI: To promote high quality branded gold coins, jewellers body India Bullion and Jewellers Association (IBJA) has tied up with Rajesh Wadhawan Group to retail specialised gold coins and is aiming to set up 100 stores in three years, a company top executive has said.

"We have already set up a store in Mumbai and are planning to open 100 stores, mainly in big cities, on franchise basis that will offer coins in up to 50 grams in over 500 designs. The store also offers customised coins according to taste and requirement," IBJA Gold Business Head Deepak Tulsian told PTI here.

Besides flagship stores, the company is also planning to expand through franchisee stores, gold vending machines, and online channels.

IBJA gold is planning to set up vending machines for multiple denominations near temples, airports and tourist places, he said.

"We are targeting to set up 10-15 such vending machines in the first year in airports, temples and near tourists places. Initially it will be manned. We are in the process of designing these ATMs," Tulsian said.

The coins will be sourced through an internal manufacturing unit of IBJA Gold to keep check on quality, he added.

The company, he said, is targeting to become Rs 500-1,000 crore company in three years.